Trump Administration Nears Major Trade Agreements Amidst Ongoing Tariff Talks

U.S. Treasury Secretary Scott Bessent indicated that the Trump administration might unveil significant trade agreements this week with several of the nation's largest trading partners. Although specific countries were not named, negotiations involve 17 major partners, notably absent China.

Bessent stated that progress in talks is promising, with reductions in tariffs, non-tariff barriers, currency manipulation, and subsidies anticipated. These negotiations follow President Trump's imposition of a 10% tariff on most countries, with higher rates for autos, steel, and aluminum.

The administration, actively engaging its primary trading partners since the April tariff imposition, hopes to finalize agreements covering 80-90% of the current trade deficit with 15 major countries by year-end. Potential trade deals with India and Japan could lead the initiative, as discussions with China remain limited.

(With inputs from agencies.)